The popularity of Unified Payments Interface, also known as UPI, has taken over India by storm. With a record performance last year with transactions of Rs. 8.27 trillion recorded by the end of 2021, the movement on the upward spiral for different UPI payment systems is inevitable today. There are multiple reasons behind this increasing appreciation and usage of different UPI payment platforms, the top one being the predicted digitization in the near future. Almost every individual as well as a business today benefits from these digital payments, as they offer convenience, safety, and quick transactions, all from the comfort of your home.
The ease of sending and receiving money with the introduction of Phonepe payments has changed the way people interact with banks and businesses today.
According to reports, some of the popular UPI payment platforms include Google pay, PhonePe, Paytm, Amazon pay, and much more. Out of all these different UPI applications, the recent interaction increase on PhonePe has encouraged more and more users to join the platform to see what the buzz is about.
What Is PhonePe?
Popularly known as a multi-service mobile payment platform in India, PhonePe allows users to transfer money through the convenient option of UPI. Coupled with this, other services that you can benefit from with this application are payment of your utility bills, recharging your mobile bills, paying online vendors, completing online bookings for hotels, paying cabs, booking flight tickets, and much more.
It is a very simple application that does not require too much in-depth information about you or your address credentials that might require your personal documents. Instead, it provides a safe and secure base for all customers and consumers to benefit from easy and smooth transactions. The transactions that you can make through the PhonePe app can be through debit card UPI, credit card UPI, PhonePe wallet, or direct bank debits.
Additionally, you get the opportunity to choose which bank accounts to include and which you want to remove to avoid confusion. If you want to make a PhonePe UPI payment, you just need to follow a few quick steps to begin. It is necessary to remember that to begin using the UPI payment option on PhonePe, you need to complete your KYC details on your mobile phone, at no additional cost.
Limits and Restrictions
There is a lot of speculation around the potential transaction charges that PhonePe takes from all users. However, according to research and official statements from PhonePe, the transactions through UPI are all without any transaction charges. On the contrary, there is a PhonePe transaction limit that has to be followed thoroughly by all the users. The reason behind the PhonePe transaction limit is to avoid too many transactions from one single account in a day. Additionally, the PhonePe money transaction limit also helps users plan and spend better, allowing them to have better control over spending and bank accounts.
The PhonePe transaction limit for each account or active user is Rs.1,00,00 only. However, this PhonePe money transaction limit does not include the number of times you can transfer money and vice versa. The PhonePe transaction limit is a maximum of 20 different transactions on a daily basis through the application. Moreover, the PhonePe transaction limit is also applicable for withdrawal or purchasing products/services through the PhonePe application.
You can also use your PhonePe wallet and benefit from regular top-ups when need be. But there is a 2.6% fee for adding money to your PhonePe wallet from an active credit card. Other than a credit card, you can also use a debit card and BHIM UPI to add money to your wallet. Moreover, if you recharge your mobile with PhonePe, any payment between Rs. 50 to Rs. 100 is charged Rs. 1 by PhonePe and any payment above Rs. 100 for mobile recharge attracts a transaction fee of Rs. 2.
Benefits of Using PhonePe
The list of reasons why you should download the PhonePe UPI application on your mobile phone includes multiple benefits that all simplify the procedure of sending and receiving money. Some of the top benefits of using PhonePe include the following:
- Even though there is a PhonePe transaction limit to follow, the 24/7 availability of convenient applications with UPI like PhonePe, makes transactions an easy task.
- The local Indian languages available on PhonePe include Kannada, Malayalam, Hindi, Gujarati, Assamese, Tamil, etc., Making it a fit for all the different states in the country.
- The process of sending or receiving money through PhonePe with UPI takes a maximum time and the application is highly user-friendly.
- PhonePe is highly secure and safe to use for all users. Moreover, it also rewards you for all the transactions you complete with discounts and cashback opportunities.
Overall, to conclude, the convenience and comfort offered by Unified Payments Interface like PhonePe make lives easier. You do have to complete the necessary requirements to begin using the PhonePe application, especially the KYC update. However, other than that, with no additional charge for transactions and the safety of transferring and receiving money without remembering your IFSC code makes PhonePe is one of the top choices for everyone in India today. Download the app today and start enjoying convenient money transactions.